Norwegian economist in US.
1968 – Earned a B.S. from the Norwegian School of Economics (NHH).
1973 – Ph.D. in economics from Carnegie Mellon, dissertation: Decentralized Macroeconomic Planning.
– Returned to NHH as an assistant Professor.
– Alexander Henderson Award, Carnegie Mellon.
1977-2004 – Joined the faculty of Carnegie Mellon University where he served as a Professor of Economics.
He joined the faculty at the University of California, Santa Barbara.
1978 – Moved back to Carnegie Mellon as an Associate Professor.
1982-1983 – John Stauffer National Fellowship, Hoover Institution awardee.
2004 – Awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
– 2004 Nobel Memorial Prize in Economics (shared with Edward C. Prescott), "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles".